Cargo Vessels Segment to Dominate APAC Maritime Real-time Positioning System Market during 2019–2027
According to The Insight Partners market research study on “APAC Maritime Real-time Positioning System Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Technology, Application, and Vessel Type,” is expected to reach US$ 371.22 million by 2027 from US$ 35.19 million in 2019. The market is estimated to grow at a CAGR of 34.7 % from 2020 to 2027. The report provides trends prevailing in the APAC maritime real-time positioning system market along with the drivers and restraints pertaining to the market growth. Advent of advanced technologies and soaring growth potential are the major factor driving the growth of the APAC maritime real-time positioning system market. However, inadequacy of skilled workforce and technical challenges hinder the growth of APAC maritime real-time positioning system market.
Further, in case of COVID-19, APAC region is highly affected specially the China and India. The APAC region is characterized by the presence of many developing countries with growing industrial sector and rising population. The growing urbanization and industrialization level in the APAC region makes it a promising market for the growth of maritime trade. Moreover. China is a major consumer and producer for many key industries including automotive, electronics & semiconductor, commodities, and agricultural products. The interruptions in movement, flow and storage of goods due to COVID-19 outbreak have affected the overall logistics and transportation industry growth in this region which has also affected the APAC maritime real-time positioning system market growth. Disruption in supply chain has reduced the number of fishing vessels during the pandemic situation, which will negatively impact the installation of the positioning systems in existing fishing vessels hence affecting the APAC maritime real-time positioning system market growth. Also, temporary shutdown of manufacturing units has decreased the procurement of fishing, cargo, and other vessels which has affected the APAC maritime real-time positioning system market negatively.
The APAC maritime real-time positioning system market is broadly segmented into component, technology, application, vessel type, and country. Based on component type, the market is segmented into the hardware, software, and services. The hardware segment dominated the market in 2019 owing to growing use of readers, trackers, tags, sensors, and more for the manufacturing of system. Based on application, the market is segmented into fleet management, inventory and asset management, and crew tracking. The fleet management segment held the largest market share in 2019 pertaining to increase demand for tracking large vessels. Based on vessel type, the market is segmented into fishing vessels, cargo vessels, service vessels, passenger ships and ferries, and others. The cargo vessels segment held the highest share in 2019 due to growing e-commerce industry. Similarly, based on technology, market is segmented into RFID, GPS, and others. The RFID segment held the largest share of market in 2019.
Envision Enterprise Solutions America Inc., Intrasys (Pte.) Ltd., Martek Marine, ORBCOMM Inc., VECTOR INFOTECH PTE LTD., Zebra Technologies Corporation are among the leading companies in the APAC maritime real-time positioning system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Intrasys partnered with ST Electronics Intrasys to roll out RFID Asset Management System to manage warehouse operations. Intrasys RFID Solutions for Warehouse leverages on RFID Technology to improve productivity.
The report segments the APAC Maritime Real-time Positioning System Market as follows
APAC Maritime Real-time Positioning System Market – By Component
- Hardware
- Readers and Trackers
- Tags/Badges
- Others
- Software
- Services
APAC Maritime Real-time Positioning System Market – By Technology
- RFID
- GPS
- Others
APAC Maritime Real-time Positioning System Market – By Application
- Fleet Management
- Inventory and Asset Management
- Crew Tracking
APAC Maritime Real-time Positioning System Market – By Vessel Type
- Fishing Vessels
- Cargo Vessels
- Service Vessels
- Passenger Ships and Ferries
- Others
APAC Maritime Real-time Positioning System Market – By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC